| | | Wolfspeed Rallies on SiC Wafer Deals, CHIPS Act Funding Talks, Roth Capital Reiterates Buy
Oct 11, 202417:54 UTC
 WOLF+23.37%
NEW YORK, Oct. 11, 2024 Shares of Wolfspeed WOLF shot up about 10% Friday, with Roth Capital reporting the business is finalizing deals to supply 200mm silicon carbide (SiC) wafers to its top clients. Led by Craig Irwin, Roth Capital analysts reiterated their Buy rating on Wolfspeed stock along with a $25 price target.
Analysts emphasized Wolfspeed's edge as a top-tier supplier, positioned excellently to support major global semiconductor OEMs as they transition to larger wafer sizes, making Wolfspeed a dependable player during this shift. "Customers are keen to maintain access to large-diameter SiC wafers, which are more economical, so making them hesitant to qualify newer entrants," Irwin said. He also feels these agreements aren't that far off either.
Also analysts also noted that Wolfspeed is discussing conditions for CHIPS Act funding, potentially reaching a deal before the next election. Moreover, worries about the company's leaving its Durham, N.C., plant are dissipating as Roth projects costs well below the expected $1 billion worst-case scenario. It's important to note that the stock has been up a stellar 51% in the past month alone.
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Oops! Sorry shorts, I know how you feel.
WOLF is up 23% today. I bet a big chunk of that is short covering.
Message #8953 from Sun Tzu at 10/4/2024 12:30:57 PM
(WOLF) - Analyzing Wolfspeed's Short InterestBenzinga - 11:00 AM ET 10/4/2024Investment News
Wolfspeed's ( WOLF ) short percent of float has risen 19.17% since its last report. The company recently reported that it has 35.15 million shares sold short, which is 38.17% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.27 days to cover their short positions on average.
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